What is Bitcoin Cash?

What is Bitcoin Cash?

Posted ByContributor

Date18/01/2018

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In this article, we will explain to the general audience on what Bitcoin Cash is and what it means for you. We will also look at the type of benefits it brings as a new form of money and why Bitcoin Cash is so important to society.

The simplest way to describe Bitcoin Cash is a new form of digital money. This digital money is decentralized peer-to-peer cash system where you can send money to anyone across the world, instantly and securely, without requiring permission from any third party (banks or government) for less than 1 cent. However, this new form of digital money has several more distinct advantages.

The first advantage is that Bitcoin Cash protects you against inflation. Inflation in simple terms means you buy less things with the same amount of money over time. A $1 spent a century ago could buy you 4 lbs of Sirloin steak, the same dollar spent half a century back could buy you 4 movie tickets, but this same dollar next century might not even buy you a cup of coffee. (Source: http://www.visualcapitalist.com/then-vs-now-1-dollar-buy-you/)

Bitcoin Cash also protects you against a severe form of inflation called hyperinflation where money almost became worthless. It has happened in Germany, Hungary, Peru, Venezuela, Zimbabwe, and many other countries before. If it has happened before, it will happen again. Bitcoin Cash protects you from such risks.

Instead, Bitcoin Cash actually buys you more things because it grows in value over time! In fact, its value has grown over 1000% from $200 in August 2017 to an average price of $2500 in January 2018.

The second advantage of Bitcoin Cash is that your money does not involve a third party. When you swipe a credit card, there are actually a bunch of third party middlemen that receives a cut of your money from that transaction. When you do a bank transfer, the bank actually acts as the middleman of the transaction. And what happens when there is a middleman is that they have the power to control your money. If you ever read about people's credit card declined or the banks freezing people's bank account, you can understand why giving others control of your own money is a risk.

In 2013, that risk happened to millions of people who couldn't believed such things would happen to them, but it did. The banks of Cyprus confiscated over 30% of depositors money in order to bail out their own problems. In 2015, a similar event happened to over 10 million people in Greece when banks closed down and ATM machines ran out of money. People who don't learn from history are bound to repeat them. It happened before and it will happen again.

Bitcoin Cash is peer-to-peer money so your money goes directly to the recipient and no middleman can stop that transaction. And most importantly, you are in total control of your own money. The banks can't steal this new form of money from you. For the first time in the history, Bitcoin Cash puts total control of money in the hands of the people.

Bitcoin Cash is a true decentralized cryptocurrency with more than 10 independent development teams improving on it everyday. There are lots of heavyweights and super intelligent people supporting this new form of digital money because they understood its massive benefits to society.

Bitcoin Cash can be used by every single person on the planet, 100 times per day, and still cost less than 1 penny each time. And with estimated over 95,000 businesses accepting Bitcoin Cash this year and growing, you can be sure that Bitcoin Cash will become the best form of global money this coming century!